Poonawalla fincorps
Poonawalla fincorps

Clubbing of income

This query is : Resolved 
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(Querist)
01 March 2014 If I m giving 25lacs rupees to my sister as a gift,and she is adult(above 18 yrs. whether the interest on 25lac will be taxable under my hand or her. please reply
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
03 March 2014 Clubbing is NOT applicable when asset is transferred to sister.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
03 March 2014 as per expl to sec 56(2) sister is considered as relatives hence no tax is payable on this gift.
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